Adani stock rout: Opposition parties to meet in Parliament to evolve strategy

Feb 03, 2023

NEW DELHI: Opposition parties will meet Friday morning to coordinate their strategy in Parliament, a day after they unitedly led the charge against the government over the issue of the Adani Group stock rout.

Various opposition parties on Thursday stalled both houses of Parliament over the Adani issue and demanded a Joint Parliamentary Committee probe or a Supreme Court-monitored Committee investigation into it.

"Floor leaders of Opposition parties will meet at 10 am in the chamber of Leader of Opposition (in Rajya Sabha) Mallikarjun Kharge in Parliament House to coordinate strategy," said Congress general secretary Communications Jairam Ramesh.

"The demand remains the same. Only an independent investigation will save LIC, SBI and other institutions forced by the Prime Minister to invest in the Adani Group," he said.

Sources said the Trinamool Congress may not attend Friday's meeting as they are not in line with other parties on the matter and want only an SC-monitored probe into the issue.

The Congress has been alleging that the investments made by public sector LIC and SBI into the Adani group have been "forced" by the prime minister.

The government has not responded to the issue so far.

Adani group stocks, where LIC is heavily invested, have lost over USD 100 billion in value since a tiny New York short seller came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. The Adani group has denied all charges and called the report malicious and full of lies.

The rout in Adani group stocks has threatened the value of investments made by the Life Insurance Corporation (LIC) and public sector banks.